Iredell County Commits Funding To Local Motorsports Companies Through ReVamp
Mooresville, NC – Iredell EDC has secured additional funding from Iredell County to support local motorsports teams and component manufacturers in diversifying to serve new markets. On May 18, Iredell EDC launched, ReVamp, which will providing matching funds of up to $20,000 for technical assistance to support companies participating in the program. The program is made possible through partnership and funding from Iredell County, Town of Mooresville, and Industry Expansion Solutions (IES) at North Carolina State University.
The Town of Mooresville Board of Commissioners approved $100,000 in funding for the program on May 18. The Iredell County Board of Commissioners more than doubled the funding for the program with $160,000 in funds at their Board meeting on June 1. In total the two local governments will provide $260,000 in funding to the Iredell EDC for grants to support local companies over the next two years.
The program was launched in response to the changes resulting from the impact of both NASCAR’s NextGen car and the impact of COVID-19 on the racing industry. This diversification initiative is modeled on a successful program previously deployed by IES to help Department of Defense contractors diversify. Two local companies—Roush Yates Engines and MSI Defense—successfully participated in that earlier program.
About: Iredell County Economic Development Corporation is a public-private partnership that promotes economic growth and stability in our community by supporting the creation of new jobs and encouraging investment. We accomplish this through new business attraction, support of existing industry, building a world-class workforce, and collaboration with our community to build prosperity for all. For more information visit, www.Iredelledc.com.